THE Department of Trade and Industry (DTI) said that a P3-billion loan fund is available for public transport operators who want to transition to electric vehicles.
“If you want an e-jeepney, e-bus, e-Love Bus, a tricycle or motorcycle for as long as you are an operator and members of legitimate transport groups and cooperatives, just apply with us,” Trade Secretary Cristina Roque told officers and representatives of various transport cooperatives during a press conference in Quezon City on Thursday.
Also present during the event was Pasang Masda National President Roberto Martin.
Roque and Martin agreed that the timing is right to shift from combustion vehicles to electric vehicles. He said that under the Small Business Corp.’s E-Transport Loan Program, borrowers are given a one-year grace period on the principal amount and interest payment.
“We want to give you enough time to recover,” she added, noting the annual interest rate is just 6.7 percent while the loan is payable for up to five years.
Roque said shifting to electric vehicles would result in 33-percent up to 80-percent savings.
“What does this tell you? A better life, a better education and you can now travel around the Philippines and help other industries indirectly. Aside from this, you can help protect the environment,” she added, noting that there would be enough charging stations for public transport e-vehicles.
At the same event, Land Transportation Franchising and Regulatory Board chief Vigor Mendoza II said he is closely coordinating with the Department of Transportation to open routes for e-vehicle users.
Mendoza assured transport cooperatives that they would not find any difficulty in registering their transport e-vehicles with LTFRB as long as they have the basic requirements.
“The LTFRB has been fully supportive of the e-vehicle program for the transport sector of the administration of President Ferdinand Marcos Jr. Besides, it’s high time to start shifting from combustion to electric vehicles,” he added.
Martin said the DTI has granted e-transport loans of P3 million each for their groups’ 40 vehicles.
